Palm Beach, FL

There’s probably no one in the country that isn’t aware of the massive government bailout plan designed to address the country’s financial sector by keeping banks and important financial institutions afloat. It also addresses the housing market in an effort to get people interested in buying up the vast amounts of vacant homes in various states and counties, Palm Beach real estate included.

Opinions on the bailout decision are sharply divided, with some seeing at as something that had to be done and others seeing it as another method of taking taxpayers’ money. While the plan is intended to tackle the economy and the housing market, some followers of real estate don’t think it will do enough to boost the latter so much as it will the former.

One need only take a look at existing figures to see that mortgage rates are still exceedingly high, removing the average homebuyer from being able to buy real estate like Palm Beach condos since the monthly mortgage payment will be much too high. This is assuming this average homebuyer was actually able to obtain mortgage approval in the first place. Now that the bailout plan is in place, the government should strongly consider lowering interest rates.

As everyone knows, the mortgage is only one element when buying a home. The other part that requires lots of money upfront is the down payment which also necessitates a considerable amount of funds and again, prevents most people from ever owning a home. This problem can perhaps be ameliorated somewhat if the government provided some kind of financial assistance such as matching the down payment up to a certain amount.

The government has already begun rolling out the Hope for Homeowners program which targets homeowners stuck in unmanageable mortgages and lets them renegotiate into a fixed one. Regardless of what real estate experts think, do you think the government is doing enough to get interested in Palm Beach homes again?

The National Association of Realtors® has more than 1 million active members, although not all of these are full time agents. With the recent slow in market trends many Realtors® have moved to part time or have taken full time salaried positions in other fields of work.

The market has turned from a sellers market to a buyers market and hiring a professional Realtor® to list and market your home can save thousands of dollars in the long run. It is crucial to hire an agent who will work tenaciously to tackle problems before they become deal breakers. Working with the experienced agents at Scott Gordon Realty and Exclusive Estates could be the difference between a quick sale and your home sitting on the market for months.

One of the important services a good Realtor® will provide is tips for home repairs and staging. In the current market with such a large inventory your home needs to stand out against the competition.

Realtors® also take the pressure off you. By arranging showings, negotiating contracts, maintaining deadlines and assuring a smooth closing you can relax, leave the work to us and enjoy living in beautiful Palm Beach.

There’s no need to delve too much into the various problems that continue to affect the real estate market, everyone knows about those. What a small percentage of people are unaware of are the unique Palm Beach real estate buying opportunities that, as some have said, represent genuine “once in a lifetime opportunities” for those who are willing to look. After all, just a few a years ago it was absurd to negotiate a $30,000+ discount for Palm Beach homes.

When looking at the broader picture, the situation remains uncertain and the bad news of plunging prices for Palm Beach homes is still making headlines almost daily. But in a refreshing change of pace, the surplus of Palm Beach real estate that has had many concerned is actually a bit smaller than it was earlier this year, an early indicator that the market along with South Florida might be approaching the “bottoming out” phase. The inventory is still substantial but it has gone down to where the majority of it will be purchased in a span of about two years as opposed to the former figure of three years.

Many people have been waiting for this moment when the market would bottom out and the values of Palm Beach homes would rise again…is this recent trend a sign? Not quite. Even as the Palm Beach real estate market slowly approaches what could be the potential bottom, the long awaited boost in prices and home values is not likely to happen in the short term and there remains the risk that the situation could get worse instead of improve.

Since there’s no way to tell what will happen exactly, realtors are welcoming the trend and predicting good things to come while taking into account the risks that might still happen. A little bit of optimism tempered with some discretion is always good, especially during a time when many are anticipating the worst is yet to come.

Beach erosion in Palm Beach

Palm Beach is one of the most well known from the chain of the barrier islands, separating the Atlantic Ocean from Florida's mainland, for its wealth and history. Flagler himself established the island as the home of the rich and famous about 120 years ago.

Palm Beach's challenge is the ongoing beach erosion that eats away its Atlantic coastal line. The island is located just SE from the Palm Beach inlet that connects the Intracoastal waterway with the Atlantic Ocean. The intracoastal water is a swallow body of water that spans from Miami all the way north to Canada and delimits the barrier reef islands from mainland USA.

The Palm Beach inlet has a 50 years old sand transfer plant (located at Singer island) that shoots sand under the inlet and feeds the north beaches of Palm Beach. This plant runs inefficiently and the owners of the north end of Palm Beach are suing the Army Corps of engineers who are responsible for maintaining the Palm Beach inlet and its jetty. The jetty blocks the southbound flow of the sand and therefore the sand transfer plant is used.

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Named for the many palm trees scattered across the island, Palm Beach has been an attraction for many of the world's wealthiest and most famous individuals since the early 1900's. Palm Beach, a mere 14 miles in length and 1/2 mile at its widest, offers an environment and lifestyle like no other island in the world.

The Town of Palm Beach offers the basics found in every community, local grocers, newspapers, community transportation, public and private school options, and a number of churches and temples representing most faiths. There is also an active Town Council and Town manager, a Police Department and Fire Department, local library, Chamber of Commerce and a Community Recreation Center. Residences vary from posh estates to quaint cottages and elegant condominiums.

The cultural atmosphere in the Palm Beaches is of a caliber surpassing many metropolitan areas. In Palm Beach alone, the cultural activities include symphonies, operas, and the theatre, with various performances at many fine facilities, museums and gardens as enchanting as the island itself. So, whether residing in Palm Beach or visiting its warm climate, its well established country clubs, its world renowned restaurants and shops, and peaceful, unpopulated beaches, you will see why Palm Beach continues to captivate all those who enter this island paradise.